MUMBAI: The Indian rupee strengthened against the US dollar on Tuesday in morning trade from its previous close.
The local unit opened at 64.08 per dollar and touched a high and a low of 64.06 and 64.10, respectively. At 9.10am, the home currency was trading at 64.07, up 0.14% from its previous close of 64.18.
The Sensex was trading flat at 26,586.86 points. The local equity markets have fallen over 1,300 points or 4.5%, while foreign institutional investors (FIIs) have sold equities worth $483.01 million in June so far. In May, FIIs sold equities worth $67.09 million.
Traders are cautious ahead of the US Federal Reserve meeting on 16-17 June and the breakdown of talks between Greece and its creditors over the weekend. The lack of progress in negotiations has rattled traders and raised fears of a default on Greece’s debt and a possible exit from the currency bloc, the Wall street Journal reported.
On 11 June, FIIs sold debt worth $510.98 million, the sharpest selling since 27 January 2014 when they sold debt worth $667.99 million. So far in June, FIIs have sold debt worth $1.13 billion; in May, they sold $493.91 million in debt.
